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Category: Economic Trends / Unemployment

Unemployment falls to 5.8pc as job seekers give up

Thursday, 17 Mar 2016 08:36:29 | Michael Janda

Unemployment has been hovering around 6 per cent for more than two years. (ABC News: Nic MacBean)

Australia's unemployment rate fell from 6 to 5.8 per cent in February because a large number of people gave up looking for work.

The Bureau of Statistics estimated that only 300 jobs were added in February, but unemployment still fell because the participation rate dropped.

Seasonally adjusted figures point to a 0.2-percentage-point fall in the proportion of the adult population in work or actively looking for it.

The fall in participation saw the key monthly hours worked figure go backwards slightly, while the employment-to-population ratio also eased to 61.1 per cent.

In more positive news, the quarterly figures show a slight improvement in underemployment.

The ABS said the underutilisation rate (which combines those who are unemployed with those who are working less hours than they would like) has edged 0.1 of a percentage point lower to 14.2 per cent.

The underutilisation figures continue to show a deep divide between men and women, with the female underutilisation rate at 16.4 per cent compared to the male rate of 12.3 per cent.

Overall, the jobs figures were seen as a positive, as the creation of 15,900 full-time positions offset a 15,600-strong fall in part-time jobs.

The typical economist forecast in a survey by Bloomberg was for 13,500 jobs to have been created and unemployment to remain steady at 6 per cent.

The Australian dollar rose moderately to 75.75 US cents by 11:55am (AEDT) on the back of the results.

AustraliaPlus


 

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